Section 37.14.031. Trust fund established.

   (a) The mental health trust fund is established as a separate fund of the Alaska Mental Health Trust Authority.
   (b) The fund consists of the cash assets of the principal of the trust, and includes
        (1) money appropriated to the fund;
        (2) the proceeds of sale or other disposals of mental health trust land, and the fees, charges, income earned, royalty proceeds, and other money received from the management of mental health trust land attributable to principal; and
        (3) gifts, bequests, and contributions from other sources.
   (c) The net income of the fund shall be determined by the Alaska Permanent Fund Corporation in the same manner the corporation determines the net income of the Alaska permanent fund under AS 37.13.140.
   (d) The authority shall adopt regulations providing for the determination of amounts attributable to principal under (b)(2) of this section. The regulations must provide for the allocation between principal and income of money received from the management of mental health trust land, and the manner of allocation must be in the long-term best interest of the trust and its beneficiaries.

Authorities

37.05.146;37.05.540;37.14.036

Notes

Recent Bills that will modify this

HB 303 PERM FUND: EARNINGS, DEPOSITS, ACCOUNTS
SB 114 PERM FUND: EARNINGS, DEPOSITS, ACCOUNTS

Implemented As

20 AAC 40.600
20 AAC 40.610
20 AAC 40.620

References

AS 37.05.146 Definition of program receipts and non-general fund program receipts.
AS 37.05.540 Budget reserve fund; appropriation limit.
AS 37.14.036 Trust settlement income account established.

History

(Sec. 11 ch 66 SLA 1991; am Sec. 12, 13 ch 5 FSSLA 1994; am Sec. 3 ch 145 SLA 2003)